Bear Stearns (BSC) Stockholders Approve JPMorgan (JPM) Merger
The Bear Stearns Companies Inc. (NYSE: BSC) and JPMorgan Chase & Co. (NYSE: JPM) announced that the stockholders of Bear Stearns, at a Special Meeting of Stockholders held earlier , approved the merger with JPMorgan Chase. Approximately 84% of shares voted were in favor of the merger, representing a substantial majority of Bear Stearns' outstanding common stock. JPMorgan Chase and Bear Stearns have scheduled the merger to close at the end of the day on May 30, 2008. Upon completion of the merger, each outstanding share of common stock of Bear Stearns will be converted into the right to receive 0.21753 shares of JPMorgan Chase common stock and Bear Stearns will become a direct subsidiary of JPMorgan Chase.
Also, the Federal Reserve Bank of New York and JPMorgan Chase agreed that they will complete the previously announced sale of $30 billion of assets by subsidiaries of Bear Stearns and the related financing on or about June 26 rather than concurrently with the closing of the merger. The additional time will help ensure the smooth transfer of this large portfolio.
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